Building two homes on your land is a smart investment. Particularly when you consider the ever increasing land values across Melbourne. These dual-occupancy building projects make financial, long-term investment strategies viable. They also keep your financial options open by doing the following:
- Selling one or both homes to make a profit
- Leasing both properties
- Positively gearing one of the properties
- Selling the land with approved plans and permits, at a profit
So where do you start with your first dual occupancy project?
The very first phase of a dual-occupancy building project is finding, then buying the right property. In order to buy the right property, it takes experienced professionals who know exactly what to look for to ensure the project is feasible. The main steps of a project include:
- Planning a project that suits your financial
- Assess the possible risks
- Buying a the right property
- Planning / drawings
- Entering submissions for council approval
- Preparing the property for dual occupancy
- Selecting a builder that can deliver a profitable project
- Financing the project
Following the above process independently can prove to be very difficult, as each critical step can be subject to major time delays, reducing your total profits. There could even be a chance of not delivering a project at all and being a major financial burden. Example Project: Two Lot Subdivision
Wise Real Estate Advice now offers a fully serviced option where we manage each step of the process, from property selection to the final build. Below, our plans:
- Property purchase.
- Planning / permit.
- Building and subdivision.
With over 10 years of experience in dual occupancy projects we can save you time, reduce risk and deliver a stress free experience by managing the process for you.
If you planning to take on a dual occupancy project our buyer’s advocate’s may be just the right people to help clarify your options. For an obligation-free conversation contact Wise Real estate Advice on 1300 009 473 to find out how their services can assist your property needs.
More questions on Dual Occ. Projects? Check out our FAQ’s page.
Dual Occupancy / Duplex – In Australia, a duplex is often considered a residential building containing two homes that share a common central wall. As such they are usually a mirror image of each other in layout.